The ESG Progress Tracker Survey Report 2025 revealed that 89% of 174 respondents say they have made or plan to make an ESG commitment within the next two to four years, a sharp rise from 80% in 2022.

Of those, 54% have already implemented their ESG commitments while 13% are planning but not yet acting and 22% are at an early stage.

The proportion of companies with no plans for ESG commitment has nearly halved since 2022, falling to just 11%.

The report found that foreign-invested enterprises remain frontrunners with 71% having implemented their commitments, driven by global standards. Listed companies are catching up fast with 57%, spurred by investors and regulatory pressure. Unlisted or private businesses are slower, with 27% implementing commitments and 23% having no ESG plans.

“The motivations are less about immediate financial gains but more about securing a licence to operate in an increasingly demanding market,” the report wrote.

The report also found a decisive shift from ambition to measurable action. The proportion of businesses with no formal ESG plan has more than halved, confirming that having an ESG strategy is no longer optional but a key imperative for doing business in Vietnam.

Around 61% have a strategy in development or partially implemented.

The formalisation of ESG leadership is a key development, with 68% having the board involved in ESG matters and 75% having an ESG leader.

“The choices made by leaders today will determine Vietnam’s capacity to build a sustainable, inclusive and future-ready economy. It is a shared responsibility,” said ESG Leader and Partner, Assurance Services at PwC Vietnam Nguyen Hoang Nam.

“While governance provides a strong foundation, the next stage of maturity requires embedding ESG into the very core of business operations. This is the essence of moving beyond compliance to reinvention - leveraging data, driving efficiency and collaborating across the ecosystem to build lasting competitive advantage.”

However, the report pointed out that the primary challenge for businesses in Vietnam has shifted from understanding what to measure to effectively managing and utilising data.

“The core challenge is now capability, not awareness. The focus must be on equipping businesses with the systems and skills to leverage ESG data as a strategic asset rather than a compliance burden,” the report said.

Digital technology is crucial for overcoming ESG challenges, according to the report.

“Embedding digital transformation within a core ESG strategy is therefore essential, allowing organisations to move beyond compliance to achieve efficiency and long-term value,” the report said.

“New ESG regulations aren’t a risk; they are the single greatest opportunity for differentiation we have today. Forward-thinking companies will see beyond the compliance checklist to find new ways to innovate, build trust and create lasting value,” Asia Pacific Sustainability Leader, PwC Malaysia, Andrew Chan said.

VN remains prime destination for industrial investors thanks to ESG commitments

Vietnam is solidifying its position as a prime destination for global industrial investment, thanks in part to a strong commitment to Environmental, Social, and Governance (ESG) demonstrated by developers with the support of consulting firms, experts have noted.